According to the company's fourth quarter and year-end results revenue continues to grow despite the loss.
Race track and gaming company Churchill Downs March 15 reported a loss of $1.9 million for three months that ended on December 31. That’s compared to its loss of $6.9 million in the same period last year.
'We still face a number of challenges as we work to improve the results of our racing operations, including nationwide declines in handle and intense competition for racehorses with tracks that are able to subsidize their purses with alternative gaming revenues,' says Robert Evans, the company's CEO. 'We incurred higher expenses last year related to our acquisitions, many of which are costs that should not impact our results going forward.’
The company’s revenue increased to $137.2 million from $93.6 million in the same quarter last year. Churchill Downs attributed these gains to its addition of the Calder Casino operation, which opened January 22 in Florida. Other recent additions that contributed to the sudden growth in revenue include the company’s acquisition of the Fair Grounds’ slot machine gambling facility in New Orleans and its acquisition of Harlow’s Casino Resort and Hotel in Mississippi.
Amid the business expansions, Churchill Downs March 10 named Alan Tse executive vice president and general counsel. Tse is set to manage and oversee all legal, corporate governance, and compliance matters at the Louisville-based organization. He will report to Robert Evans, president and chief executive officer.
Previously, Tse served as vice president and general counsel for LG Electronics Mobilecomm USA in San Diego, California. He is the co-founder and board member of the Asian American Legal Foundation and gained the title of one of the ‘Best Lawyers Under 40,’ by the National Asian Pacific American Bar Association in 2005, the company says.
Tse will begin in his new role on March 22.
